Publications: Notes at the Margin

Here We Go Again; The Slow, Slower, and Slowest Disruptions (September 16, 2019)


Here we go again. This report was written in France, where I am in the first week of a vacation to bone up on another liquid. The fun was rudely interrupted Saturday with the news of the Houthi attack on the Saudi Aramco oil facilities in Abqaiq and Khurais. Most of this report was written before the destruction occurred and is presented below. The topic was market disruptions—a subject on which I have published a book and numerous articles. I begin here, however, with a polite rant: "Here we go again because those who make policy and write for various publications do not understand the role of inventories, expectations, and speculation." Sadly, consumers and most firms will lose billions if not trillions due to this failure.


To receive the full report along with futures issues of Notes at the Margin, please Contact Us or send us an Information Request for subscription information.